Mississippi Bankruptcy Legal Questions

I'm not sure what you mean by bad bankruptcy, but I presume you mean it was dismissed.  "Charge off" means that the credit grantor wrote your account off of their receivables as a loss, and it is closed to future charges. When an account displays a status of "charge off" it means the account is closed to future use, although the debt is still owed.  So, yes, they can still get a judgment if the statute of limitations has not run out, they can still renew their judgment if they received one already, and they can garnish your wages or levy your bank account. ... Read More

Whether you can keep your home in a Chapter 7 depends on the amount of equity in the property and the amount of exemptions to which you are entitled under applicable state or federal law. Most states have homestead exemptions which protect a certain amount of equity. The best way to determine what assets you can keep, as well as whether you are eligible for Chapter 7 and if it is your best option, is to have a comprehensive consultation with an experienced bankruptcy attorney in your area.  ... Read More

The only way to determine whether bankruptcy is the right choice for your situation is to have a comprehensive consultation with an experienced bankruptcy attorney in your area. There are a lot of factors to consider, including what you owe, how old you are, what your income is now and what it is likely to be, your assets, and many other things. Most attorneys offer free initial consultations, so I recommend you take advantage of that.   See my article on what to look for when hiring a bankruptcy attorney... Read More

You can convert to chapter 7 anytime you want, as long as you are otherwise eligible (meeting the income/means test criteria, haven't received a discharge in the past 8 years, and others). You should have a consultation with a bankruptcy attorney in your area to see if conversion is possible in your case. Los Angeles Bankruptcy Attorney Mark Markus has been practicing exclusively bankruptcy law in California since 1991.  He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization,  AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.  ... Read More

It is okay to file chapter 7 bankruptcy on your home and continue to make the mortgage payments. What is important is is your mortgage up to date, because if your mortgage is delinquent, in chapter 7, once the bankruptcy is discharged and your mortgage is delinquent, this means you received a discharge from bankruptcy and are in a situation where you may be foreclosed upon. But if all of your payments are up to date, then you may stay in the home, while continuing to make payments. The vast majority of the time the bank does not care that you file bankruptcy, only that they're getting their normal monthly payments. Although it should be said in some situations the bank will then in turn foreclose on the property, this is just a risk you're going to have to take as you no longer have the burden of the financial obligation to pay back the mortgage. But if they attempt to foreclose on you, all you need to do is demonstrate the youth had made all the payments and your account is not delinquent, in that case they will not be able foreclose on you. I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options. Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.    Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law http://fallriverbankruptcyattorney.com/ 901 Eastern Ave.  Unit 2 Fall River, MA 02723  Office:  888-269-0688 FAX:    877-475-8147 #bankruptcy  #lawyer  #FallRiver  #Chapter7  #chapter13  #debt  #debtsettlement  #foreclosure  #attorney   #cantpaybills  #lawsuit  #court  #bankruptcycourt  #eviction  #lostmyjob... Read More

The chances of you declaring bankruptcy, depends on if you wish to go through bankruptcy to discharge the $3000 of credit debt. Your $40,000 in student loan debt will be another issue altogether in chapter 7 bankruptcy. Since student loan's are usually federally funded and these types of creditors usually cannot be discharged you will definitely have some issues with attempting to discharge a student loans. Getting your student loans discharged in bankruptcy is not the same as having other types of debts discharged from bankruptcy there are many more steps involved. First of all you need to actually request to have them discharged as it is not automatic, like other debts in bankruptcy. To have these loans forgiven, you must qualify under release following the criteria of the Nrunner standard. Basically they stay if you repay your loans, it will make you unable to maintain a minimal standard of living for you and your family. Your financial circumstances that led to being unable to forge a student loans is likely continue through the remainder of your payment term and you have made good faith efforts to repay your student loans. The third step is you must file an adversarial proceeding against the student loan company. This is not part of your normal bankruptcy filings say this is the usually an additional charge. The three circumstances that student loans are usually discharged under our bankruptcy filer was most likely to be unemployed, the bankruptcy filer is most likely to have a medical hardship or the bankruptcy filer's most likely to have a lower income the year before filing. So if your bankruptcy attorney has told you that you cannot discharge student loans in bankruptcy, that's a good indication that you do not have an experience bankruptcy attorney working on your case. Always hire an experienced bankruptcy attorney to handle your filing, you get what you pay for.   I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options. Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.    Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law www.botelholawgroup.com 901 Eastern Ave.  Unit 2 Fall River, MA 02723  Office:  888-269-0688 FAX:    877-475-8147... Read More

We offer payment plan options on all our bankruptcy cases, sadly we do not practice in the Jackson County area. But most bankruptcy attorneys offer payment options on Chapter 7 and Chapter 13 bankruptcy. If I were you I would Google bankruptcy attorney in Mississippi.   I have responded to your inquiry according to the laws of Massachusetts, where my firm is located. Laws can vary significantly from state to state and cases tend to be rather fact-specific, so you are best served by consulting with a knowledgeable attorney in weighing your options. Email messages/Online Correspondence are akin to conversations and do not reflect the level of analysis applied to formal legal opinions. Email/Online responses do not form an attorney-client relationship.    Joseph F. Botelho, Esq. BOTELHO LAW GROUP Attorneys At Law www.botelholawgroup.com 901 Eastern Ave.  Unit 2 Fall River, MA 02723  Office:  888-269-0688 FAX:    877-475-8147... Read More

Hard to answer without seeing the letters and having all the facts of your case.  Did your attorney do a discharge analysis of your taxes before you filed your case?  The only way to determine if taxes are dischargeable is to obtain an account transcript from the taxing agency and see if all the required time periods have run on the taxes. See my tax discharge page for more information. You don't provide any information on when your case was filed, when your return was filed for 2008, what date the taxes were assessed for that year, etc, so it's impossible to guess accurately at why they are still sending you letters. But my guess is that the taxes weren't discharged.... Read More

Absolutely, depending on their values and which chapter you file, and what exemptions are available under applicable laws in your case. In Chapter 13 you can always keep your assets. In Chapter 7 you can keep them if you have sufficient exemptions to protect their equity value. You need to consult with an experienced bankruptcy attorney in your area for more details. See my blog article on keeping assets in bankruptcy for more information.... Read More

It took me a while to understand your facts, but I think I've got it now.  When you say your debt was "discharged" by the original creditor, did you mean "charged off"?   Those are two completely different things. A discharge of debts is something you get under federal bankruptcy law (after filing a bankruptcy case) which takes away your legal obligation to repay a debt. A charge off, by contrast, is merely a bookkeeping entry used for accounting purposes.  It has no legal weight or implications. So, assuming I've got your terminology correct, you still owe this debt to the predatory companies.  Assuming the debt was not incurred through fraud or any of the other bases set out as exceptions to discharge of debts in bankruptcy, you should be able to discharge those debts in a Chapter 7 case. Mark Markus has been practicing exclusively bankruptcy law in California since 1991.  He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization,  AV-Rated by martindale.com, and A+ rated by the Better Business Bureau. ... Read More

If you dismiss your Chapter 13 case you will lose the protection of the automatic stay which prevents your creditors from taking actions to collect on debts.   Without knowing all the specific facts of your case, it's impossible to advise any further as to "what would happen" in your particular situation. If you don't have an attorney, now might be a good time to at least have a consultation with one so you can get the necessary legal advice as to how best to proceed. Mark Markus has been practicing exclusively bankruptcy law in California since 1991.  He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization,  AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.  ... Read More

It does not appear that you have provided all of the information. Are you now suing, or threatening to sue, the other investors? Was the omission of the "asset" intentional or inadvertent? What was its value in 2009? Was there an agreement wit the other investors regarding the effect of a bankruptcy? There is insufficient information to give firm advise.... Read More